British investors with millions of pounds in a property scheme run by Sulaiman al-Fahim, the soon-to-be owner of Portsmouth Football Club, fear that their investments are at risk.

Since 2007, investors have handed over nearly £60m to Hydra Village, a venture of Dr al-Fahim’s Hydra Properties. There has been no significant construction on the site in Abu Dhabi, in the United Arab Emirates.

British companies operating in the region - hit hard by the global slowdown - face similar problems and claim to be owed up to £50m by UAE-based clients.

Financial Times